N.S.W. SAVINGS BANK

Hokitika Guardian, 8 September 1931, Page 5

N.S.W. SAVINGS BANK

OVER 6700 NEW ACCOUNTS. (Australian Press Association.) . SYDNEY, Sept. 7. The Government Savings Bank reopens to-day. In a broadcast message, Mr O’Malley Wood, president of the bank, said: “You can take my word that the bank is entirely solvent. Its assets are greater than it liabilities, is funds are safely and soundly invested, and it can more than pay 20s in, the pound, and will do it. Wood explained that the bank before closing, paid out £16,000,000 In a very brief period. The bank also lent 2500 business people £2,5C0,000, so that their businesses could be maintained. He wanted to dispel the rumour that the present Government had obtainde more than £7,000,000 from the bank and that the people’s savings had been used’to sustain the Government. Not one penny had been supplied to the present government by the hank. Actually there was less money owing to the bank by the Treasury now, than when the present ‘-Government took office.

SYDNEY, September 1

When the reconstructed' Government Savings Bank of New South Wales opened to-day there were more than one hundred people waiting to open new accounts.

A lusty cheer went up when the huge doors, which had been closed since April, were thrown apart. During the first few hours, new ac* counts were opened at the Head Office at the rate of eight per minute. The first deposit, one of one thousand pounds sterling, was lodged by -Sir Clifton Love, a member of the Board of Trustees.

Members of Parliament, and leading public men were others who displayed their confidence in a practical way in the Bank’s future.

MR LANG ELATED.

■SYDNEY, 'September 7

The Premier of New South Wales, Mr J. Lang, said that the response of the public on the re-opening of the State Savings Bank to-day, was most gratifying. Mr Lang stated that when the operations for the day ceased at three o’clock to-day, 6,736 new accounts had been opened at the City and the suburban branches.

BANK RUN CEASES

BRISBANE, September 7,

Depositors at the two small banks on which runs occurred, a,s cabled yesterday, have now overcome their timidity', and the witlidrawls have practically ceased. The majority of those , who created Saturday’s mild run returned to-day «n>nd' re-opened iWr accounts,